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Health Insurance

Health insurance policies insure you against unexpected medical emergencies and keep your family’s finances stable during such a testing time. Keeping in mind the rising medical costs and spurt of diseases buying a health insurance is mandatory. A medical emergency can knock anyone’s door and impact a person both emotionally and financially. As a result, financial advisors suggest that it is prudent to buy a health insurance plan early in life.

Top Reasons to Buy Health Insurance Plans

Let’ summarize the top reasons to convince you to buy a good mediclaim policy.

1. Corporate Health Cover is Insufficient

With rising medical costs, the importance of health insurance policy cannot be overstated. Check the cost of a two day’s hospitalization for a regular ailment and then compare it with your company’s insurance coverage. When you will retire or change a job, your corporate health plan will cease to exist. So it is worthwhile to buy an individual health plan.

2. Increase in Incidence of Life Threatening Diseases

Sadly, India is grappling with life threatening diseases. The effect of these diseases is felt on the productive workforce from 35-65 years. Also, heart diseases among Indians occur five to ten years earlier than in any other population around the world. News about people dying in Swine flu across the country has created a panic in almost every part of India. Unfortunately, the number of people who are affected with Swine flu is more than 10,000 and the death toll has now reached to 2000. Over the last few years, the emergence of infectious diseases has increased and chances are high that these diseases may become more deadly in near future. By the year 2020, seven out of every ten deaths in developing regions are expected to be due to non-communication diseases (NCDs).

A statistical representation of increase in diseases and emergence of new ones by Integrated Disease Surveillance programme(IDSP) shows:

In the light of escalating medical costs, coupled with bourgeoning demand for healthcare services and lack of easy access of top medical facility to low income group, health insurance is emerging as an alternative mechanism to fight deadly diseases. Furthermore, most of the health plans offer annual health checkups to bolster health awareness.

3. Better Financial Planning

Accidents and medical emergency can happen without warning and a good health policy will ensure that you are sufficiently covered for emergencies. It is tough to compute how much you will spend on health care in a year but having health insurance plan helps you to pay for sudden medical costs. You can also buy family plans that will cover the entire family. Usually, these family plans are much cheaper than having multiple individual health plan. Also, you can opt for critical illness plan along with personal accident cover to address your divergent health care needs.

4. Tax Benefits

You can get exemption for paying the premium under Section 80D of the Insurance Act. This year, India’s Finance Minister Mr. Arun Jaitley has increased the limit of deduction in health insurance premium to Rs 25,000 from Rs 15,000. For senior citizens, the new limit is Rs 30,000.

5. Value For Money

Besides taking care of the cost of hospitalization, health insurance companies also offer daily hospital cash allowance for expenses incurred on food, commuting from home to hospital and all other daily hospital charges. There are some insurance companies which take care of the policyholder’s recovery expenses also. Many health insurance companies have expanded their coverage ambit to include domiciliary treatment. However, these customized and high-end benefits come with higher premium so make sure to read the policy documents carefully before buying.

Why Buy Health Insurance Plan Online?

Acting as a one stop platform to compare available health insurance plans, PolicyBazaar offers quick, hassle free and convenient option to buy the best health insurance plan at a mouse click. Unlike earlier days, today’s life is fast paced and many of us don’t bother to buy a health plan due to daunting and tedious paper work. Thus, it is advised to buy a good health plan online and bid adieu to agents and lengthy paper process.

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Frequently Asked Questions

What is Health Insurance?

Ans:

The term health insurance (popularly known as Medical Insurance or Mediclaim) is a type of insurance that covers your medical expenses. Health insurance comes in handy in case of severe emergencies. Health Insurance provides a financial coverage for medical and hospitalization expenses, in case of an illness/disease or accident.

Health insurance provides for medical expenses to the insured in case of hospitalization for more than 24 hours caused due to illness or accident. Health insurance covers Medicare needed by individual or family for surgeries, nursing care, consultation fees, diagnostic tests, hospital accommodation et al. Health insurance also pays for regular checkups. The insured in return pays a specified amount called premium on an annual or biennial basis.

Why Health Insurance?

Ans:

Health insurance comes with dual benefits where you get a health cover as well as save on tax under section 80(D). With increasing risk of medical emergencies due to modern lifestyle patterns and exorbitant medical expenses, health insurance is important so that you do not compromise on a good medical treatment. Health Insurance provides protection to your family and yourself with hospitalization in best hospitals along with best medical facilities. Good medical treatment is necessary for fast recovery. This is why everyone needs health insurance.

How much cover do I need?

Ans:

Your age, lifestyle pattern, city of residence and annual income are vital parameters that help to determine the appropriate coverage required for you.

Documents required?

Ans:

Generally documents required are age proof, address proof and identity proof. Specific documents may be required in case the person needs to undergo medical tests. This can be checked on the Price quotes page.

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